NAGA Reports Preliminary 2024 Results Amid Merger Transition

NAGA has reported its preliminary financial results for the 2024 fiscal year, showing a mixed performance due to the complexities of its merger with CAPEX Group. The company referred to 2024 as a "transitional year," focusing on integration efforts and a shift towards a more unified marketing strategy.

The total revenue for the year stood at EUR 62.3 million, a decrease from the EUR 77.5 million reported on a pro-forma basis in 2023. The revenue drop was attributed to a reduction in marketing spend following the merger with CAPEX.com.

Despite the decline in revenue, NAGA reported a 13% EBITDA margin, an improvement from 11% in the previous year. EBITDA reached EUR 8.1 million, slightly lower than the EUR 8.5 million recorded in 2023. The company noted that cost-cutting initiatives, such as reductions in marketing, personnel, and operational costs, had a positive impact on its profitability.

Looking ahead, NAGA expects to see the full benefits of its cost-saving measures in 2025, including operational efficiencies from migrating to a single platform and implementing a unified marketing approach. The company highlighted that it had reached cash break-even for the first time in its history and plans to fund its organic growth internally, with external financing earmarked for geographic expansion and acquisitions.

The merger with CAPEX Group has positioned NAGA as a neo-broker with around 1.5 million users across more than 100 countries. NAGA anticipates annual savings of up to EUR 9.0 million through operational synergies, and it expects the integration of common technology across the group to add EUR 4.0 million to its EBITDA annually.